Health
Get coverage for expensive health setbacks so you can focus on getting better.
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{{label}}Being a parent is a full time commitment that takes a lot of work. Even for an experienced parent, no one can be prepared from life’s surprising twists and turns despite thorough planning. When panic strikes, it can lead you to question yourself. Am I ready? Can I afford it? How can I do it right?
The dilemma stir increases pressure, uncertainty, and self-doubt. Becoming a parent will change your life in all aspects, and it is best to have an optimistic view when making decisions. Focus your energy towards a positive attitude where all these questions in your head are just a checklist for your journey to parenthood.
Personal Finance writer and author of Lifehacker.com, Melanie Pinola talks about these changes saying, “Your habits might change for the better. You’ll think more about the nutritional value of your food, driving safely, spending money more wisely, living longer, and exemplifying good ethics.”
Take these for example:
And you will want to have that feeling for as long as you can. To lessen your worry, we’d like to offer you suggested answers to questions that might be running in your head right now for you, expecting parent/s.
Like any preparation, a list is key. Write priorities down and put them in order of importance. Remember to be specific with your goals especially if it involves spending. Do you start with having your home space renovated for the arrival of your child before getting a car? Or opening a savings account for your kid then setting an amount for your new home? Get a sense of what you are working toward in the near term and evaluate your progress. Keep a list of your expenses. There are tons of useful downloadable web and mobile tools to help you make sense of your spending, budget handling and financial status. A tracker will help evaluate your spending choices from the time you are expecting your first child to getting them in college.
There's a particular need for every particular life stage in having a family. For a first-time parent, your challenge is to provide the best for your family without turning your budget upside down. Robert Kiyosaki wrote in his book Rich Dad Poor Dad about the stress of keeping your finances, “To wake up in the middle of the night terrified about paying bills is a horrible way to live.” To prevent this from happening, it is important to know the specific expenses of raising a child in each growing up stage. While there’s no surprise that overall costs increase every year, anticipate these expenses to avoid surprises:
Diapers and Milk.Monthly supply may cost from PHP 2,000 to PHP 5,000 depending on your choice of brand and your baby's daily consumption.
Vaccines.Health centres offer check-up and vaccines for free, but if you opt for a private paediatrician, a weekly visit to the clinic can cost PHP 1,500 up to PHP 5,000 per visit.
Education and Child Care.Traditional or progressive preschool for early learners can cost from PHP 5,000 to PHP 90,000 a year. If you are a working parent and you need a nanny to watch your kid, consider a monthly cost of PHP 4, 000 in service fee.
Extracurricular.In addition to obligatory tuition fee each year, there are extracurricular costs like tutorial fee, field trips, sporting events, piano lessons, taekwondo classes, ballet lessons, etc. Depending on the activity, this may cost PHP 2,500 to PHP 5,000 a month.
Becoming a parent is an exhilarating adventure but there will be moments when you will feel exhausted. It is alright to take a breather. Have a fun budget and set aside savings to make room for family celebrations like summer vacations, a trip to the movies, an impromptu visit to a theme park or a family lunch out. Because you have a holistic view of your plan, you will know when to have your fun time, and how much you need to set aside for it. Consider these regular quality time as priceless investments in your relationship. It is also vital to have time for yourself. Have a morning run ritual or take time in a week to visit the spa. Being healthy means more time with your family and less medical expenses.
Anticipate and prepare for health setback because you will need it in the future. It is better to know all your health and protection options so you can get the best and reasonable family insurance coverage. An array of Philam Life insurance products can support your needs from starting a family to retirement. Get the best option that suits your family life plan.
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In any real life goal you want to achieve - live healthier, start a family, travel the world, or put up your own business - you need the right plan to go with it. Select from our array of life insurance plans and let us partner with you to reach your dreams.